Review meeting with bank...

sara86pink

I went in to pay some money to my bank and they said a message had popped up saying I was due a review. I know this is a regular thing so not worried.

But is there anything I should mention to them? Its not for another couple of weeks so I will have plenty of time to prepare myself.

Overall I'm happy with my bank (natwest) I currently have an overdraft with them which I'm constantly upto the limit and usually most months I go over my limit so get fined etc (hopefully last month will be the last EVER time!)

So bearing this in mind, is there anything I should bring up or should I just let them do the talking?

Thanks all

Tixy

As you have frequently gone over your limit you need to be prepared that they may decide to take your overdraft off you. They may suggest you convert it into a loan - I would say don't be pressurised into making a decision then and there, that may not be the best option for you. Remember they will seem like they are acting in your best interests but really are only safeguarding their own money.

You might want to consider getting a bank account set up elsewhere so that if they do decide to remove your overdraft you can have your wages/income paid elsewhere so that they don't use all your months salary to repay the overdraft leaving you with nothing to live on.

tallyhoh

Yes, these "reviews" are another name for trying to sell you loans or insurance.

GottaStopShopping

These reviews are one of the reasons I left natwest. When I was overdrawn by a couple of thousand and constantly in my OD (though not over my OD limit), every single time i went in to the counter they were saying my account had flagged for a review. every time I told them I didnt want a review as I knew it was just to sell me a loan. One day they wouldnt let me do what I wanted to do in the bank (change my address or something I cant remember) unless I had one. Sure enough the girl spent the whole time trying to sell me a loan, though initially they all avoided using the word "loan". She even tried psychoanalyzing me asking why I was so againt the idea of borrowing with a loan. Basically I think they want you to take out a loan to pay off your OD in the hope that you will then end up overdrawn again and have 2 debts to pay off, the loan and the OD. Also as I pointed out to the reveiwer by paying it off at my own rate I would pay less interest as I intended to pay it off at a quicker rate rather than the 3 or 5 years they were offering. In the end I paid off OD and switched accounts. Remember they are a business and as far as I see if if they want you to do something it is more likely to be in thier inerest than yours.

Sorry that was a bit ranty!

Just be on your guard and think about what they are offering before you to agree anything and good luck.